In short: This article analyzes the worst performing altcoins with a market cap of over $1 billion, which include Lido, Cardano, Aptos, Solana, and Polygon. Lido (LDO) had the biggest drop at almost 25% and is currently in a bearish trend with support at $1.4. Cardano (ADA) lost 20.9% and has sellers in control with a key support expected at 24 cents. Aptos (APT) fell 20.4% and formed a descending triangle. Solana (SOL) has a similar trend to Cardano and is struggling to stay above $14. Polygon (MATIC) lost 19.4% and broke a large wedge, showing bearish sentiment.
Our quick analysis:
This week, the crypto market has taken its holders for a wild ride, with the top 5 worst performing altcoins with a market cap over $1 billion sending shivers down investors' spines. The five cryptocurrencies can be likened to unlucky kids who got picked last in sports, as they continue to underperform in the crypto race. So, let's take a closer look.
Lido (LDO) | -24.8%
LDO is the loneliest kid on the playground this week, seeing a drop of almost 25% and making it the worst performer on our list. It's like it did something wrong to be punished like this! With the support at $2 lost, the price was quick to crash, leaving LDO holders to cry themselves to sleep.
Cardano (ADA) | – 20.9%
ADA is the kid that's been making a lot of promises but failing to deliver. It lost 20% of its valuation this week, leaving its holders disappointed across the board. The price suddenly dropped all the way to 22 cents on June 9th, and the sellers are having a good time controlling the price.
Aptos (APT) | -20.4%
APT is the kid that tried to stop its downtrend but failed woefully, falling by 20% this week. The descending triangle that it has formed confirms how worrisome and bearish things are getting. If all else fails, buyers may find themselves in a difficult position as sellers prepare for the worst.
Solana (SOL) | -20.2%
SOL is the kid that tried to play it smart but got it all wrong. It fell by 20% this past week with buyers struggling to keep the price above $14. Its sudden drop in price has formed a parabola, and the key support is found at $12. We're still waiting to see if it can wow us in the end.
Polygon (MATIC) | -19.4%
MATIC is the kid that has had a rough patch lately, having formed a large wedge that sadly collapsed after a while. Its fall below the wedge was bearish, and it lost 19% of its value this week. The current support is found at 58 cents, and bulls may return at that level.
Conclusion
The cryptocurrency market is not for the faint-hearted as seen with the top five worst-performing cryptocurrencies. The market seems to be taking on a bearish momentum, and traders must be careful not to get caught in the action. We hope that these kids can buck up and get their acts together to give us better performances. The future is still bright!
Image provided by Unsplash
Disclaimer: Our articles are NOT financial advice, and we are not financial advisors. Your investments are your own responsibility. Please do your own research and seek advice from a licensed financial advisor beforehand if needed.
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